Template-Type: ReDIF-Paper 1.0
Author-Name: Barinova Vera
Author-Name-First: Vera
Author-Name-Last: Barinova
Author-Workplace-Name: Gaidar Institute for Economic Policy
Author-Name: Zemtsov Tsepan
Author-Name-First: Tsepan
Author-Name-Last: Zemtsov
Author-Workplace-Name: Gaidar Institute for Economic Policy
Author-Name: Tsareva Yulia
Author-Name-First: Yulia
Author-Name-Last: Tsareva
Author-Workplace-Name: Gaidar Institute for Economic Policy
Title: Small and medium business amid coronacrisis
Abstract: The unprecedented scale of the COVID-19 epidemic created harsh environment for operation of small and medium-sized businesses: decline in household incomes and demand, shutdown of foreign markets and uncertainty of the economic situation. The lockdown introduced in April 2020, resulted in temporary suspension of activities of many enterprises providing services: thus, for instance, trade, catering, hotels, repair shops, hairdressers, etc. Activity of small businesses reduced to the values observed during the crisis of 2015. According to our estimates, the crisis affected more than 75% of SMEs, although about 11% of enterprises and 5.5 million employees2 are concentrated in the most affected industries. In March-April 2020, revenues in some industries fell by more than 90%. There was a high likelihood of closing millions of businesses and reducing the number of people employed in the SME sector by several million
Classification-JEL: C53; E37; L21; L52; I18, I19
Keywords: Russian economy, small businesses, medium-sized enterprises, OVID-19, lockdown
Creation-Date: 2021
Revision-Date: 2021
Length: 13 pages
File-URL: https://www.iep.ru/files/RePEc/gai/ppaper/ppaper-2021-1130.pdf
File-Format: application/pdf
File-Function: Revised Version, 2021
Handle: RePEc:gai:ppaper:ppaper-2021-1130